The bitcoin price ship again scraped its hull against something in the mid-$430s (Bitstamp). Evidently, there was no damage, yet the wind is just not billowing the sails.
Bitcoin Price Analysis
Time of analysis: 14h00 UTC
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Price remains above the long-term support that currently runs through $434 (Bitstamp).
Yesterday’s declining wave had tested the support and managed a bounce that gapped above the 20-period moving average in the 1hr chart. Unless there is a determined selling spree in the market, the support level may continue rejecting attempts to pull price lower.
Despite large buy orders appearing in the orderbooks – many of which may be orders closing short positions – there is not yet any concerted move away from this precarious lower boundary.